Location: Charlotte-Concord-Gastonia, NC | Metro: Charlotte-Concord-Gastonia, NC-SC HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,770 |
| 1 Bedroom | $1,850 |
| 2 Bedrooms | $2,010 |
| 3 Bedrooms | $2,450 |
| 4 Bedrooms | $3,120 |
| 5 Bedrooms | $3,619 |
| 6 Bedrooms | $4,053 |
| 7 Bedrooms | $4,377 |
| 8 Bedrooms | $4,596 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,010 | $298,975 | 0.67% | D |
| 3BR | $2,450 | $409,229 | 0.6% | F |
| 4BR | $3,120 | $517,019 | 0.6% | D |
| 5BR | $3,619 | $656,012 | 0.55% | F |
U.S. Census Bureau data (2024)
The ZIP code 28134, located in Pineville, North Carolina, presents a unique landscape for both renters and landlords. The median income for households in this area stands at $85,681, which is a significant figure. However, when compared to the market-rate rent of $2,417 (ZORI), it becomes evident that affordability is a critical issue.
To put this into perspective, the Fair Market Rent (FMR) for ZIP 28134 as of fiscal year 2024 is set at $1,670. This means that the government-sponsored housing assistance program, such as Section 8 vouchers, will cover up to $1,670 for rental units in this area. Given the discrepancy between the ZORI and the FMR, landlords must consider how they position their properties to cater to different types of tenants.
The population of Pineville is 13,245, with 36.0% of residents being renters. This indicates a notable portion of the community relies on renting to meet their housing needs. The affordability gap, therefore, poses a challenge for both renters seeking suitable accommodation and landlords looking to attract tenants.
For landlords, the choice between accepting voucher holders or focusing on cash-paying tenants is pivotal. While cash-paying tenants might offer higher rents closer to the ZORI, the reality is that a substantial number of potential renters in Pineville may find it difficult to afford these rates. On the other hand, voucher holders provide a steady and reliable source of income, albeit at a lower rate aligned with the FMR.
The takeaway for landlords is clear: there is a significant segment of the market that cannot afford the current ZORI. By offering units at or near the FMR, landlords can tap into a larger pool of potential tenants, ensuring consistent occupancy and avoiding prolonged vacancies. Moreover, given the high percentage of renters, competition for affordable units is likely to be fierce, making it advantageous for landlords to align their rental pricing with the financial capabilities of the majority of Pineville residents.
In summary, landlords in ZIP 28134 should carefully evaluate their strategy based on the economic realities of the area. Accepting vouchers can be a viable option to secure long-term tenants and maintain a steady cash flow, especially considering the affordability gap faced by many residents.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.